Islamic banking: ACCI sees great potential, strong future

ISLAMABAD: Attock Chamber of Commerce and Industry (ACCI) President Tariq Mehmood has said that the presence of over 900 Islamic banking branches in Pakistan spoke volumes of the confidence reposed by the masses in Islamic banking, and successful handling by the regulator. Mehmood said that growth in Pakistan’s Islamic banking sector is very impressive; while reminiscing that a decade ago, Pakistan had only one Islamic bank. Mehmood asked Islamic banks to exploit the full potential of interest-free banking, expand their networks and offer new products to underserved sectors and the unbanked segments. He said that Islamic banks should maintain the image of better risk managers, which is necessary for depositors’ confidence. Tariq asked Islamic banks to keep an eye on global strategies, remain Shariah compliant and find ways to improve rates of return to match inflation, which will boost confidence of masses in Islamic banking.

Published in The Express Tribune, August 3^rd, 2012.